Buying a home for the first time can be exciting, but at the same time overwhelming.
With many real estate trends, one can easily be tempted to make an impulse buy which could not only hurt your financial goals but also your future family goals. We have come up with five things to look for when buying a property for the first time.
1. Take stock of your financials
The most important, first step in search, before even starting to investigate properties is to make sure that you have your financials in order. Nowadays every first time buyer needs bank loan, so if you need to take a bank loan to finance your purchase, set up an appointment with your bank to discuss your maximum budget and repayment amounts for your loan. There is no worse feeling than searching for property, finding what you like, and then finding out you cannot afford it! Save yourself from disappontment – get to know your budget first.
2. Decide what kind of property you want
Decided whether you would like to live in an apartment, a house of character or a modern house. Apartments are easy to maintain, and hassle free, but you may have neighbours you won’t really like… on the other hand houses are giving you privacy, but are also maintnance – heavy and if you are not handy person, it is better considering unit in a block (Apartment, Maisonette or Penthouse).
Another aspect to consider is whether you would like the property to be finished or shell whilst in case of a House of Character if converted or unconverted.
These characteristics will impact your finances, hence why it is important to have consulted your bank in case of a home loan.
3. Location
This sometimes can be underestimated, however consider future developments such as proximity to parents.
If you are a couple and plan on having a family and continue with your careers, ask yourself if your child would spend time with family members whilst you are at work or after school. Consider whether you would like to live in a small quiet village or a larger town with lots of buzz but all amenities nearby.
4. Property Layout
Once you have a clear idea on the 3 above, you would need to identify how your future home should look like. If you are planning to have a family, look for 2 or 3-bedroom apartments/house. Bachelors pads are out of question in that case! Make sure there is ample storage or a potential for storage. If you are on the search for an unconverted house, make sure to hold a site visit with an architect before committing to have an approximate cost estimate for any works that need to be done. Dropping walls and making bigger changes can be costly!
5. Choose a Reputable Estate Agent
Choosing a good experienced and reliable estate agent, would make the process easier. Their experience would help you find what you are looking for in your future home. The estate agent can guide as to whether your requirements would realistically fit your budget. The estate agent would also guide you through all necessary paperwork and assist in the negotiating process. Agents know the market, it is their daily full-time job, and their advice can be very valuable reflecting your happiness in your choice in the future!